A deposit plan that enables opening an account through instruments such as Demand Drafts, Telegraphic Transfers, Telex, Mail Transfers etc. and which also provides the option for reimbursement plan and quarterly interest plan.
Confidentiality of accounts, automatic renewal of deposits and the option of payment of proceeds in the currency of your own choice are other highlights of this deposit plan.
- Option to keep the deposit receipt free of cost in Bank's safe custody.
- Automatic renewal on due date in the absence of specific instructions.
- Option for Reinvestment (cumulative interest) Plan and Quarterly Interest Plan.
- Attractive rates of interest coupled with convertibility.
- Payment of proceeds in the currency of your choice.
- Confidentiality of accounts and transactions.
- Loans and overdrafts limits are granted against pledge of deposit receipts.
- No income tax liability.
- Provision for nomination
- NRI's can open this account by Inward remittances in any convertible currency from abroad through normal banking channels by way of:
- Demand drafts
- Telegraphic Transfers
- Foreign Currency /Travellers cheques (during their personal visit) as well as transfer from any non-resident (External) Rupee Savings & Fixed Deposit account or Foreign Currency Non Resident deposit.
- Deposits can be placed maintained for periods ranging from 12 months to 120 months. No interest will be payable for deposits that have remained with the bank for less than twelve months"
- Repatriation of these deposits and interest are freely allowed in any convertible Foreign Currency at a place of your choice
- Interest is paid/credited (in case of cumulative deposit) every Quarter (i.e. March, June, September & December).
- As per Reserve Bank of India directives dated 16th September 2003, Banks cannot accept NRE deposits from Overseas Corporate Bodies (OCB). For current interest rates on deposits click here.
Premature withdrawal of the Deposit after 12 months is subject to penalty as given below
- The rate of interest applicable will be one percent (1%) less than the actual interest payable for the period for which the deposit has run prevailing on the date of issue of receipt or on the date when the depositor seeks premature withdrawal, whichever is lower, provided the deposit has run for a minimum period of one year.